Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how an immigration law firm sale works.
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The economy hasn't squashed the market for immigration law firms. And the ones that are commanding the highest price tags are the ones with sellers who are committed to the sale process.
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell an immigration law firm without outside assistance. The enlistment of a qualified business broker is an excellent first step. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Pros & Cons of a Sale to an Employee
There are both benefits and drawbacks to selling an immigration law firm to an employee. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based immigration law firm sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Preparing Family Members
You're ready to sell your immigration law firm, but is your family prepared for the transition? In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the immigration law firm. The sale of the business will likely result in new family dynamics. To keep the family intact, the sale of an immigration law firm has to include ample communication and shared decision-making.
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